Mandatory quoting of Aadhaar Number at the time of filing income tax Return and applying for PAN card:
The Finance Bill, 2017 as passed by Lok Sabha introduced a new section 139AA which provides that every person who is eligible to obtain Aadhaar Number is required to quote Aadhaar Number in :-
a) PAN application form;
b) Return of income.
A person can quote the Enrollment ID of Aadhaar application form in case he does not possess the Aadhaar Number.
Every person who has been allotted PAN shall intimate his Aadhaar Number to the authority which will be notified by the Central Govt. In case of failure to intimate the Aadhaar Number to such authority, PAN allotted shall be deemed to be invalid and it shall also be deemed that the person had not applied for allotment of PAN.
It is a welcome move by the Government. It will put kerbs on instances of issuing multiple PAN to a single individual. Further, quoting of Aadhaar number would restrict granting of subsidies to only those individuals who are eligible to claim it.

Mandatory quoting of Aadhaar Number at the time of filing income tax Return and applying for PAN card:
The Finance Bill, 2017 as passed by Lok Sabha introduced a new section 139AA which provides that every person who is eligible to obtain Aadhaar Number is required to quote Aadhaar Number in :-
a) PAN application form;
b) Return of income.
A person can quote the Enrollment ID of Aadhaar application form in case he does not possess the Aadhaar Number.
Every person who has been allotted PAN shall intimate his Aadhaar Number to the authority which will be notified by the Central Govt. In case of failure to intimate the Aadhaar Number to such authority, PAN allotted shall be deemed to be invalid and it shall also be deemed that the person had not applied for allotment of PAN.
It is a welcome move by the Government. It will put kerbs on instances of issuing multiple PAN to a single individual. Further, quoting of Aadhaar number would restrict granting of subsidies to only those individuals who are eligible to claim it.

Mandatory quoting of Aadhaar Number at the time of filing income tax Return and applying for PAN card:
The Finance Bill, 2017 as passed by Lok Sabha introduced a new section 139AA which provides that every person who is eligible to obtain Aadhaar Number is required to quote Aadhaar Number in :-
a) PAN application form;
b) Return of income.
A person can quote the Enrollment ID of Aadhaar application form in case he does not possess the Aadhaar Number.
Every person who has been allotted PAN shall intimate his Aadhaar Number to the authority which will be notified by the Central Govt. In case of failure to intimate the Aadhaar Number to such authority, PAN allotted shall be deemed to be invalid and it shall also be deemed that the person had not applied for allotment of PAN.
It is a welcome move by the Government. It will put kerbs on instances of issuing multiple PAN to a single individual. Further, quoting of Aadhaar number would restrict granting of subsidies to only those individuals who are eligible to claim it.

TCS on cash transactions scrapped
The existing provision to collect 1% TCS on cash sale of jewellery above five lakh rupees has been proposed to be omitted. After omission of such provision the TCS liability would attract on any cash transaction for goods or services above rupees two lakhs.
Now the TCS provision on cash payments has been proposed to be omitted. So, any cash receipt of rupees two lakhs or above would only invite penalty on seller as per provisions of Section 269ST. In that case there would be no liability to collect TCS from buyer on such payment.

GST Migration by service tax and central excise assessee
With respect to GST migration, it is to state that the process of migration to GST has been going since 20.01.2017 in the case of Central Excise (when all) and since 09.02.2017 in the case of Service Tax. This migration process is for Central Excise and Service taxpayers who are not getting migrated through State VAT. Provisional ID's were made available to taxpayers via ACES website. If you have got the provisional ID's kindly contact concerned superintendent of Service Tax/Excise department immediately and migrate it to GST network
For more information visit http://balakrishnaandco.com/category/gst/

Not responded to cash deposit verification notice? Prepare to get official notice u/s 133(6) of income tax act for verification of cash deposit under operation clean money. Notice u/s 133(6) of the income tax act will seek you to furnish online the source of income for cash transactions made during 9th November to 31st December 2016
For CBDT instruction visit this link
http://www.itgoawbunit.org/pdf/234423914Instr%204%202017.pdf
If you need more information you may raise your query or visit www.balakrishnaandco.com

Company registration consultants in Bangalore
Private limited company is the most popular corporate entity amongst small, medium and large businesses in India due to various advantages.
Balakrishna and Co., a firm of Chartered Accountants in Bangalore has in-house Company Secretory who is expertise in company law assist Private Limited Company registration in Bangalore.
For more information on company registration visit http://www.balakrishnaandco.com/private-limited-company-registration-bangalore/

NRI Taxation and NRI return filing services provider in Bangalore
Our team chartered accountants of Balakrishna and co. in Bangalore expert in handling NRI taxation, preparing and filing your Indian tax returns online.
Avail our services
- Preparation and filing of Income Tax Returns for Indians living abroad
- Tax saving advice
- Advice relating to repatriation issues and foreign remittance, Certification and issuing and filing form 15CA & Form 15CB
- Liaising with the income tax department and handling income tax notice
- Complete assistance in order to make optimum utilisation of tax benefits available to NRIs under Indian domestic tax laws and Double Taxation Avoidance Agreements (DTAAs)
visit www.balakrishnaandco.com to know more about our firm

Can I claim deduction for payment of nursery school fee u/s 80C of Income tax Act?
Here is a question from one of the salaried employees. My son has been going to play school since May 2016. I have paid school fee of Rs.60000 for this year. Can I claim the deduction u/s 80C of Income tax Act towards the fee paid?
Answer – Yes. Pre-nursery, Play school and nursery class fees is also covered under section 80C (circular 1/2017 dated 02.01.2017)

Did you receive notice for non-filing of Income Tax Return? Balakrishna and Ca an authorized e-return intermediary service provider authorized by income tax department will help you in handling compliance notice. www.balakrishnaandco.com
You can visit http://www.simplifiedlaws.com/non-filing-of-income-tax-return-notice-nms/ for more information on income tax notice.

You may be aware that the Employees’ Provident Fund Organisation has started “Employees’ Enrolment Campaign, 2017” with the object to increase Provident Fund membership and ensure that all the eligible employees are enrolled as Provident Fund member.
Gazette Notification No. GSR 1190(E) dated 30-12-2016 to the effect has been issued and the same is attached.
 The enrolment campaign is operational from 1-1-2017 to 31-3-2017
 Employer’s who failed to enrol eligible employees as Provident Fund member during the period 1-4-2009 to 31-12-2016 can enrol the employees during the Campaign period
 No penalty under Section 14
 No need to pay Employee Share (provided employee share was not deducted)
 No administrative charges
 Only employer share with 7Q amount needs to be paid
 Benefit under PMRPY (Pradhan Mantri Rojgar Protsahan Yojna) can also be availed
 Not applicable for establishment where 7A proceedings is going on
 Employer needs to file declaration in the proforma attached. Declaration should be filed online on principal employer portal